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Characteristics of a successful entrepreneur empirical study
Characteristics of a successful entrepreneur empirical study
The role of innovation in business
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Every entrepreneur endeavours to carry out their business venture with an expectation of achieving profit, success and competitive advantages in business arena. So, in order to define the term “entrepreneurship” it refers to such an individual who comes up with innovative and creative business ideas by which he or she can earn economical benefits from capital market (Baum et al 2014). Therefore, entrepreneurship is a process of evaluating effective ways by which an entrepreneur can easily combine the resources with market value, and that will be beneficial for the entrepreneur to gain huge success and profitability in business. Moreover an entrepreneurship also refers to such business activities which can create both monetary as well as non-monetary benefits for an entrepreneur. According to (Bohari et al 2013), an entrepreneur is a person who has the …show more content…
During the inception of any business, an entrepreneur has to face risk, perils which may arise from the market environment. In fact, while an entrepreneur tries to get into a new business, he or she cannot be assured that whether his business plan is effective and potential enough to gain profit or not or whether he or she may end up his business by losing all personal equity. So, innovation, creation in business strategy and execution of plan in an effect manner is important and essential for an entrepreneur through which he or she can earn business success and profit by avoiding any kind of potential business challenges (Carland et al 2015). Development of new business ideas and business strategy on the basis of a through market survey and based on the market demand, modification of the existing business ideas can be a best possible way for an entrepreneur to gain ultimate business success and competitive advantages in market (Frow et al
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
The contribution of entrepreneurship to generation of employment is one of most important issues in regional economic development. One popular perception is that entrepreneurship can create jobs, and it could be justified to support startups, especially during economic recessions. Despite of the perception, empirical evidence shows an inconclusive role of entrepreneurship in job creation.
When was the last time you laid in bed staring at the ceiling? Many nights I have laid in bed considering how best to convey my passions and plans. Being an entrepreneur is more than owning and running a business, it is sparked from the soul and manifests every time I push forward. Often, I feel like a rubber band. I stretch myself farther and farther until I adjust to the new tension; then, I do it again. Change is not an option; it is an absolute. To me, entrepreneurship is synonymous with the need to improve.
This chapter discourses innovation and venture creation in entrepreneurship. The chapter describes skills and innovations in venture creation through which a typical entrepreneur can start and grow his business from the acquired skill and available resources. The allocation of resources by an entrepreneur marked with necessary capabilities is a matter of entrepreneurial vision, which mainly depends on the creativity of the entrepreneur. The first step to venturing into any enterprise is to have a vision. Vision is the ability to think about, or plan the future with great imagination and intelligence. Vision answers the question “What do I want to Create”? Vision is aspirational. Vision is essential to building something new and
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.
Business involved by two or more members of the family and is owned within the family is the simplest way to define family business. In this type of business the positions in the company is filled according the family blood. The founder of the business is usually the skull of the company, the rest of the positions are taken place by the family member which are usually higher positions where else other positions are filled by non family members.
Being an entrepreneur, is advanced citizenship, you have to want it real bad. Entrepreneur is not entitlement. Being an entrepreneur is a life commitment. Like in the movie Wall Street, a famous line was "You can 't be a little bit pregnant." The fact is you can 't be an on again, off again entrepreneur.
Risk-taking is one of the chief dimensions of entrepreneurship. Entrepreneurs are found to be more risk takers than the managers and salaried employees, such that, they are willing to put their homes on mortgage, jobless and can work for years without any earning (Burns, 2011; Masters & Meier, 1988). According to (Moore & Gergen, 1985), entrepreneurs always take calculate risk and always analyse the situation. Cognitive Psychology supports that the risk taking ability is just limited to their area of expertise (Sjöberg, 1978, Heath & Tversky, 1991). According to (Heath & Tversky, 1991), entrepreneurs take more risk in the area of their interest and expertise and not in those area, they have little knowledge about. But even then also, they take more risk than general population.
An ideal entrepreneur must be innovative enough. This means that his or her venture must be backed by relevant knowledge and creativity but encased in achievable limits. Past experience and technical knowhow are integral components that will enhance confidence and enthusiasm while kick starting. In most cases, entrepreneurs act as revivers of a falling business by convincingly intervening with new ideas and ap...